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Building Your Business Credit with Gerri Detweiler - BGP 49

By Spencer Shaw

Business owners that know their credit score are 41% more likely to be approved for a business loan. In this episode we talk with Gerri Detweiler the Head of Market Education at Nav where she shares insights on how business owners can establish and build their business credit. You can get your business credit score from www.nav.com for free.   Show Notes: 00:28 Introducing Gerri Detweiler 03:08 Only 72% of small business owners know their business credit scores 03:58 Nobody needs your permission to get your business credit 04:43 The traditional vs nontraditional source for acquiring capital 05:50 Case Study: How David Edmonson’s got capital for his sauerkraut business 06:59 Business credit cards vs personal credit cards 08:09 Where to start: The easiest and first type of business credit to establish 10:23 What you should expect once you have established business credit 12:10 How the your business and credit age factors into your access to capital 14:13 Why your business category determines if you are high risk vs low risk 16:02 How much capital a business owners should expect to get 17:10 Financing based on cash flow or sales - very expensive 18:02 Financing from PayPal, Square and other merchants 18:34 Access to capital based off of cash flow 19:10 Crowdfunding options like Kiva, Able Lending and Kickstarter 20:44 Do these 5 things to prepare for financing before you need it 21:36 Get your business credit score at Nav.com 23:00 Why business credit is used with government contractors and large vendor relationships like Wal-Mart and Target 26:13 Say thanks and ask Gerri question at https://twitter.com/gerridetweiler 26:50 The Ultimate Guide to Financing Your Business in 2017 free ebook at www.nav.com/ebook   Resources: www.nav.com Gerri’s books on Amazon The Ultimate Guide to Financing Your Business in 2017 https://twitter.com/gerridetweiler   Special shout out to Joel Jensen at Nav for connecting us together.

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